After years of waiting, new bankruptcy rules become effective in Canada on September 18, 2009. (You can read our opinion on the new rules on our bankruptcy blog). The federal government implemented the new bankruptcy Canada rules in two stages. The first set of rules came into effect on July 8, 2008:
The remainder of the rules become effective on September 18, 2009. The most significant changes include:
The team at Hoyes, Michalos & Associates Inc. is reviewing the new rules, and will post more information as it becomes available.
For more details, please refer to our articles on the new bankruptcy rules:
Please note that these articles are our comments on legislation that has not yet come into force. Until these rules come into effect, changes are possible. As we continue to study the legislation, our interpretations and opinions may change, so please contact our Ontario bankruptcy offices for further information on bankruptcy reform in Canada.
Additional information can be found at the external links listed below.